Remote, a San Francisco-based provider of employer-of-record services, announced a $300 million Series C funding round. The company said it has seen 13-fold growth in annual recurring revenue in the past year and a 900% increase in employees.
“Remote’s mission from day one has been to help create a world where every person and business truly belongs in the global market,” said co-founder and CEO Job van der Voort. “With this additional funding, we will be able to build more products, including contractor and global payroll platforms, and expand on our premier service and benefits offering.”
Remote was founded in 2019. Its clients include GitLab, DoorDash, Loom and Paystack. Remote’s platform enables companies to hire globally and pay workers in their preferred currency.
The round values Remote at $3 billion. SoftBank Vision Fund 2 led the round, with participation from existing investors including Accel, Sequoia, Index Ventures and others.
“The way people work has permanently changed, and the shift to remote and hybrid work has enabled companies to hire from anywhere in the world, but this can be an intensive, costly and risky process,” said Brett Rochkind, managing partner at SoftBank Investment Advisers. “Remote has built a full-stack, global platform that creates a fast, seamless experience to hire and onboard new employees regardless of where they are.”
Today’s announcement of a Series C round comes eight months after the company announced a $150 million Series B round.